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]18 <br /> <br />TUESDAY. JULY 26. 1994 <br /> <br />10 members (6 appointed by the Board and 4 appointed by Council); (2) <br />change the method of funding of the Corporation's annual budget from <br />50% County/50% City to 60% County/40% City; and (3) adopt as the trade <br />name of the EDC the "Patrick Henry Development Council". In response <br />to a question by Mayor Adams, Mr. Reynolds stated that neither the <br />Board nor the Council had considered the adoption of a monetary cap on <br />the Corporation's annual budget. Upon motion, duly seconded and by <br />unanimous vote, Council approved the amendment. <br /> <br />Council considered authorizing the City Manager to execute a <br />transmission service agreement with American Electric Power (parent of <br />Appalachian Power Company) to provide transmission of power from PSI <br />Energy, Inc. beginning August 1, 1994. Electric Division Manager <br />Eugene Richardson noted the City would save $389,000 in purchased power <br />costs in the first year of the agreement. Upon motion, duly seconded <br />andby unanimous vote, Council authorized the City Manager to execute <br />the agreement. <br /> <br />At this point, Councilman Crabtree arrived at the meeting. <br /> <br />Council considered establishing the day and time for Council's regular <br />meetings as well as dates and locations for quarterly Neighborhood Town <br />Meetings for FY 94-95. In response to a question by Mayor Adams, the <br />members of Council stated they had received no comments from citizens <br />regarding this matter. Upon motion, duly seconded and by unanimous <br />vote, Council established its regular meeting schedule as being the <br />second and fourth Tuesdays of each month beginning at 7:30 P.M. <br />Council also established the following schedule for Neighborhood Town <br />Meetings: September 27, 1994--Albert Harris School; December 13, 1994- <br /> <br /> <br />